On AUDNZD and the 'smart money' chase
Been watching $AUDNZD move today, currently sitting around 1.21864, down from the daily high. Seems like every time we get some decent price action, the usual crowd starts rolling out the 'smart money accumulation' theories on forums everywhere. I get the appeal of trying to spot institutional footprints, but honestly, how much of that is truly actionable versus just pattern-matching noise? We had a nice run up towards the 1.22284 earlier, and now it's pulled back a bit, but I'm just not convinced by the idea that there's some secret, coordinated entity behind every move, especially in these more cross-pair situations. Most of the time it just feels like chasing ghosts, diverting focus from more robust analysis. What do you all think? Am I being too cynical, or is the 'smart money' narrative a bit overdone?
It's difficult to separate actual institutional interest from what looks like it on a chart after the fact. Most of what's labeled 'smart money' often seems to be confirmation bias, especially in volatile pairs like AUDNZD.